Swiss Re May Sell ‘Gherkin’

September 18, 2006

In a brief announcement on Friday Swiss Re confirmed that it “is in the process of evaluating the sale of an interest in 30 St Mary Axe, its London based office building, in an attractive market environment.”

The building is known throughout London as “The Gherkin” because of its unusual oval shape and green tinted glass covering, which makes it look very much like a giant pickle. Its rather provocative shape has also given it a few other names as well.

Swiss Re’s 40-story high London headquarters was completed in 2004 and in the current market could bring as much as £600 million ($1.13 billion).

The Company explained that it “remains committed to London as one of the most important cities for the financial services industry. As such, the portion of 30 St Mary Axe currently occupied by Swiss Re would not change in the foreseeable future.”

It added that no final decision has been reached, and Swiss Re wouldn’t make any further comments, unless a transaction is in the offing.

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